Elections Results Pour in, US Budget Cuts Still Likely to Come up Short

Perhaps the ax is an exaggerated metaphor for how large UK budget cuts actually are, but, on a similar note, the US should probably have something smaller, maybe more akin to tweezers. As Bill Bonner expressed in a recent Daily Reckoning missive…

“In both England and France, the spending cuts on the table so far are too little, too late. A three percent deficit was regarded as such a serious threat to the financial integrity of the European Union that member states who surpassed that level were supposed to lose their right to vote. France runs a budget deficit of nearly 8% of GDP…

“…But at least give them credit for pretending. Over in the USA, the Obama government shows no interest in jettisoning any of the accumulated ballast of the last half a century of boondoggles, bailouts and bunkum.”

About Rocky Vega:

Rocky Vega is publisher of Agora Financial International, where he advances the growth of Agora Financial publishing enterprises outside of the US. Previously, he was publisher of The Daily Reckoning, and founding publisher of both UrbanTurf and RFID Update — which he ran from Brazil, Chile, and Puerto Rico — as well as associate publisher of FierceFinance. Rocky has an honors MS from the Stockholm School of Economics and an honors BA from Harvard University, where he served on the board of directors for Let?s Go Publications, Harvard Student Agencies, and The Harvard Advocate.